5 things you should know about grocer Albertsons as it gives an IPO another try
With food-at-home in high demand due to the coronavirus pandemic, Albertsons Companies, Inc. has filed paperwork to go public.
Albertsons is controlled by a set of sponsors that includes private-equity fund Cerberus, real-estate investment trusts Kimco Realty Corp. and Klaff Realty L.P., Lubert-Adler Management, a real-estate fund, and Schottenstein Stores Corp., a developer of shopping centers. And in 2018, there was discussion about a merger between Albertsons and Rite Aid Corp. RAD, -2.39%, a deal valued at $24 billion, which prompted Albertsons to pull its IPO plan. That deal fell through after pressure from stockholders.See: Here’s where Americans are spending their money in those states that have reopened
The company’s sponsors will continue to call the shots After the IPO, Albertsons will be a controlled company. Cerberus will own 31.9% of the common stock, Kimco will own 8%, and the remaining sponsors, Klaff Realty, Lubert-Adler and Schottenstein, 11.7% each. Sponsors will own 73% if underwriters exercise their option to purchase shares in full.
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